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Mar 31, 2021
City Holding Q1 2021 Earnings Report
Announced quarterly results with net income of $19.8 million and diluted earnings of $1.25 per share.
Key Takeaways
City Holding Company reported a net income of $19.8 million and diluted earnings per share of $1.25 for the quarter ended March 31, 2021. The company's net interest income decreased slightly from the previous quarter, while deposit balances continued to grow due to stimulus payments. Asset quality remained strong, and the company actively participated in the Paycheck Protection Program.
Net income was $19.8 million, with diluted earnings per share at $1.25.
Net interest income dipped $0.7 million from the linked quarter.
Average deposit balances increased over $150 million from the quarter ended December 31, 2020.
Assisted customers in obtaining almost $40 million in new PPP loans during the second round.
Forward Guidance
This news release contains certain forward-looking statements that are included pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Positive Outlook
- general economic conditions, especially in the communities and markets in which we conduct our business
- credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for loan losses may not be sufficient to absorb actual losses in our loan portfolio, and risk from concentrations in our loan portfolio
- changes in the real estate market, including the value of collateral securing portions of our loan portfolio
- changes in the interest rate environment
- operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches
Challenges Ahead
- the uncertainties on the Company’s business, results of operations and financial condition, caused by the COVID-19 pandemic, which will depend on several factors, including the scope and duration of the pandemic, its continued influence on financial markets, the effectiveness of the Company’s work from home arrangements and staffing levels in operational facilities, the impact of market participants on which the Company relies and actions taken by governmental authorities and other third parties in response to the pandemic
Historical Earnings Impact
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Avg. Return Before/After Earnings
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